Debt-ridden property developer China Evergrande Group said it will not be able to deliver its 2022 annual report on time, citing major changes in the company’s operating conditions since the second half of 2021, reports the South China Morning Post. Evergrande made that disclosure on Friday in a Shenzhen Stock Exchange filing. The company said a large number of procedures have been added to its audit process, leading to the expected delay in completing its annual report by the end of April.
This setback comes nearly two weeks after US law firm White & Case announced on April 10 an initiative that could complicate the Chinese company’s recent deal to restructure $19.15 billion in offshore debt.
White & Case on April 14 organised a group of Evergrande creditors holding offshore debt who are affected by the restructuring to oppose that proposed scheme, which followed “consultation and negotiation with a limited subset of its creditors.”
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